REG - East Imperial PLC - First Completion - Secured Convertible Loan Notes

East ImperialAnnouncement

14/08/2023 13:00

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RNS Number : 2560J  East Imperial PLC  14 August 2023

East Imperial plc

(the "Company")

First Completion - 10% Secured Convertible Loan Notes ("2025 Convertible Loan
Notes")

East Imperial, the global purveyor of ultra-premium beverages, is pleased to
announce that following the passing of the resolutions at the Company's
General Meeting held on 4 August 2023 it has now issued £1,466,666.67 of 2025
Convertible Loan Notes to INL Investment Limited in accordance with the
Conditional Loan Note Subscription Agreement dated 17 July 2023 ("Subscription
Agreement") between the Company and INL Investment Limited ("First
Completion").

The 2025 Convertible Loan Notes are secured by way of a debenture which
contains fixed and floating charges over the assets of the Company.  It is
the parties' intention that security will shortly be granted over the
Company's wholly owned Singapore incorporated subsidiary; and a charge will be
granted by the Company's chief executive officer, Tony Burt, over 47,645,448
ordinary shares of £0.01 each in the capital of the Company ("Ordinary
Shares") held by him representing 14.1 per cent. of the issued share capital.

 

INL Investment Limited has the right to convert the 2025 Convertible Loan
Notes, including the rolled-up 10% interest thereon, into Ordinary Shares at a
price equal to a 20% discount to the 60 day VWAP of the Ordinary Shares as at
the date of the conversion notice, subject to a minimum price per Ordinary
Share of £0.01 (being the nominal value of the Ordinary Shares) (the
"Conversion Price"), at any time after the expiry of the 12 month period
commencing on the date of the instrument constituting the 2025 Convertible
Loan Notes ("Convertible Loan Note Instrument") until the redemption of the
2025 Convertible Loan Notes in accordance with the terms of the Convertible
Loan Note Instrument. The maturity date of the 2025 Convertible Loan Notes is
the first business day falling twenty-four months after the date of issue of
the relevant 2025 Convertible Loan Notes.

Under the terms of the Subscription Agreement INL Investment Limited will
subscribe for a further £733,333.33 of 2025 Convertible Loan Notes under the
second tranche of the investment ("Second Completion"), which is expected to
take place on the first business day falling three (3) calendar months
following First Completion. A further announcement will be made by the Company
in due course.

No application will be made for the admission of the 2025 Convertible Loan
Notes to trading on any recognised securities exchange.

 

Enquiries

East Imperial Plc

Antony Burt / Andrew Robertson - investors@eastimperial.com

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

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